Mumbai: The country’s top-10 corporate firms witnessed an addition of Rs12,500 crore to their cumulative market capitalisation last week, on the back of a rebound in the domestic as well as global market.
A rally in the telecom stocks late last week helped the country’s top telco Bharti Airtel to earn a space in the elite club, with a market cap of Rs 1.17 lakh crore, and pushed out engineering giant L&T from the ninth place in the list.
During the past week, Bharti Airtel’s shares gained over 16%. On Friday alone, the scrip climbed over 10% after Credit Suisse upgraded the major Indian telcos.
Corporate behemoth Reliance Industries (RIL) maintained its numero-uno status, though it lost Rs4,121.09 crore from its m-cap last week. The total market valuation of RIL stood at Rs3.45 lakh crore for the week ended 9 July.
With a m-cap of Rs2.76 lakh crore, state-run energy giant ONGC held the second position, though it saw an erosion of Rs2,320.67 crore in its m-cap.
IT bellwether Infosys toppled state-run power major NTPC from the third position. Infosys added Rs 8,201 crore, the most in top-10 firms, to its m-cap,taking it to Rs 164,796.86 crore, while NTPC’s valuation fell by Rs3,380.64 crore to Rs1.63 lakh crore.
Software exporter TCS climbed to the fifth slot by gaining Rs6,067.32 crore to Rs1.51 lakh crore. State-owned SBI earned Rs6,577.36 crore and jumped to the sixth place. The m-cap of the country’s biggest public sector lender stood at Rs1.50 lakh crore.
Trading major MMTC fell to the seventh place and shed Rs 7,262 crore from its m-cap to Rs 1,43,245 crore. Last week MMTC stood at the fifth spot.
Power producer BHEL at the eight place saw its valuation swell by Rs124.83 crore to Rs1.17 lakh crore.
FMCG firm ITC suffered a loss of one place and finished last to shed Rs 639.14 crore taking its valuation to Rs 1.14 lakh crore.